06262016Sun
Last update: Sun, 26 Jun 2016 08pm

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A US Senator has praised the NSG for deciding against granting India membership of the grouping immediately, hours after the elite group's plenary meeting ended in Seoul with no decision on India's membership in face of strong China-led opposition.
Chinese President Xi Jinping and his Russian counterpart Vladimir Putin promised ever-closer co-operation and oversaw a series of deals Saturday, as the two countries deepen ties in the face of growing tensions with the West. In what was Putin's fourth trip to China since Xi became President in 2013, the two men stressed their shared outlook which mirrors the countries' converging trade, investment and geopolitical interests.
K-Electric has submitted a Multi Year Tariff (MYT) petition with Nepra seeking an increase in tariff by 66 paisa per unit in the name of Operation and Maintenance (O&M) component for ten years commencing from July 1, 2016 to June 30, 2026. The total financial burden on consumers has been calculated at Rs 70 billion. The power utility has also sought a change in claw-back formula threshold from 12 per cent, 15 per cent, 18 per cent to 15 per cent, 18 percent and 20 percent.
Finance Minister Ishaq Dar has convened a meeting of Executive Committee of National Economic Council (ECNEC) on Monday to approve advanced metering projects for distribution companies to deal with electricity theft. Sources said that the meeting would consider and approve a proposal with respect to advanced metering infrastructure project for second and fifth circles and new customers as well as billing system for the entire company in Lahore Electric Supply Company (Lesco).
Economic Co-ordination Committee (ECC) of the Cabinet is expected to approve two months' salaries (February-March 2016) for the employees of Pakistan Steel Mills (PSM) within a couple of days. The future of Pakistan Steel Mills is still undecided as Sindh government has not shown interest in acquiring the entity due to financial constraints. The federal government's deadline expired recently. Privatisation Commission will submit update to the ECC.
The budgeted Rs 50 billion from privatisation proceeds in 2016-17 are unlikely to be realised as the process for sale of ailing Public Sector Entities (PSEs) have been put on hold due to political opposition and widespread labour unrest, informed sources told Business Recorder. This situation is not unique, sources said, as even in 2015-16 the government's budgeted Rs 50 billion from privatisation proceeds were revised downward to Rs 13.6 billion. In 2015-16 the government succeeded in only privatising National Power Construction Corporation (NPCC) for Rs 2.5 billion and failed to complete privatisation of many PSEs due to strong opposition from political parties as well as labour unions, sources maintained.
The rupee managed to recover modest ground against the dollar on the money market on Saturday in the process of trading, dealer said. The rupee gained 10 paisas in terms of the dollar for buying and selling at Rs 105.00 and Rs 105.20 respectively, they said. The rupee picked up 80 paisas further against the euro for buying and selling at Rs 115.70 and Rs 117.00 respectively, they added.